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Judgment
13 paragraphs · 257 wordsTarun Agarwala, Presiding Officer
The present appeal has been filed against the order of the adjudicating officer dated 31st July, 2020 imposing a penalty of Rs.5 lakhs for violating
Regulations 3 and 4 of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities
Market) Regulations, 2003.
We find that the controversy involved in the present appeal is squarely covered by the decision of the Tribunal in Appeal no.104 of 2019 Shri Sagar
Dhanvant Jajal vs. SEBI dated 21st February, 2020 and in Appeal no.97 of 2019 Nishit M. Shah HUF vs. SEBI decided on 16th January, 2020 as well
as in Appeal no.194 of 2020 Shri Sagar Dhanvant Jajal vs. SEBI decided on 19th August, 2020.
In the light of the aforesaid, the impugned order cannot be sustained and is quashed. The appeal is allowed at the admission stage itself without
calling for a reply. In the circumstances of the case, parties shall bear their own costs.
The present matter was heard through video conference due to Covid-19 pandemic. At this stage it is not possible to sign a copy of this order nor a
certified copy of this order could be issued by the registry. In these circumstances, this order will be digitally signed by the Presiding Officer on behalf
of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Parties will act on production of a digitally signed
copy sent by fax and/or email.